Principal Financial Group Inc. Reduces Stock Position in Global-e Online Ltd. (NASDAQ:GLBE)

Principal Financial Group Inc. trimmed its position in shares of Global-e Online Ltd. (NASDAQ:GLBE - Free Report) by 95.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,086 shares of the company's stock after selling 115,490 shares during the period. Principal Financial Group Inc.'s holdings in Global-e Online were worth $217,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Voya Investment Management LLC increased its position in shares of Global-e Online by 1.3% during the fourth quarter. Voya Investment Management LLC now owns 17,060 shares of the company's stock worth $930,000 after acquiring an additional 227 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Global-e Online by 1.6% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,660 shares of the company's stock worth $908,000 after acquiring an additional 260 shares during the period. Mackenzie Financial Corp increased its position in shares of Global-e Online by 7.1% during the fourth quarter. Mackenzie Financial Corp now owns 6,740 shares of the company's stock worth $368,000 after acquiring an additional 448 shares during the period. Yousif Capital Management LLC increased its position in shares of Global-e Online by 10.7% during the first quarter. Yousif Capital Management LLC now owns 6,054 shares of the company's stock worth $216,000 after acquiring an additional 584 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of Global-e Online by 1.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 36,505 shares of the company's stock worth $1,991,000 after acquiring an additional 630 shares during the period. 94.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on GLBE shares. Benchmark lowered their target price on shares of Global-e Online from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Needham & Company LLC reiterated a "buy" rating and set a $40.00 target price on shares of Global-e Online in a research note on Thursday, May 15th. Morgan Stanley upgraded shares of Global-e Online from an "equal weight" rating to an "overweight" rating and decreased their price objective for the company from $55.00 to $46.00 in a research note on Wednesday, March 26th. KeyCorp decreased their price objective on shares of Global-e Online from $60.00 to $45.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, The Goldman Sachs Group decreased their price objective on shares of Global-e Online from $59.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $48.08.

Global-e Online Stock Down 1.6%

NASDAQ GLBE traded down $0.57 during trading hours on Thursday, hitting $34.27. 894,529 shares of the stock were exchanged, compared to its average volume of 1,371,497. The company has a market cap of $5.82 billion, a price-to-earnings ratio of -95.19, a price-to-earnings-growth ratio of 2.07 and a beta of 1.25. Global-e Online Ltd. has a 12-month low of $26.64 and a 12-month high of $63.69. The stock has a 50-day moving average of $32.81 and a 200 day moving average of $40.07.

Global-e Online (NASDAQ:GLBE - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The firm had revenue of $189.88 million during the quarter, compared to analysts' expectations of $187.84 million. Global-e Online had a negative net margin of 7.70% and a negative return on equity of 6.96%. The firm's revenue for the quarter was up 30.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.19) earnings per share. On average, equities research analysts expect that Global-e Online Ltd. will post 0.25 earnings per share for the current year.

Global-e Online Profile

Global-E Online Ltd., together with its subsidiaries, provides a platform to enable and accelerate direct-to-consumer cross-border e-commerce in Israel, the United Kingdom, the United States, and internationally. Its platform enables international shoppers to buy online and merchants to sell from, and to, worldwide.